I support Women in IRAN Uprising's Fan Box

Iran - Google News

.

A new report from the U.S. Government AccountabilityOffice found that 41 foreign companies had commercial activity in Iran's oil,natural gas and petrochemical sectors from 2005 to 2009. These activities included exploration and development of Iran's oil and gasresources, petroleum refining and construction of pipelines and tankers to moveenergy supplies.

The Iran Sanctions Act allows for U.S. sanctions on foreign firms that invest more than $20 million in Iran's energy sector over a 12-month period. Under the law, the president could restrict loans to sanctioned firms and ban them from U.S. government contracts.

However, the U.S. Secretary of State could waive the sanctions if it is determined that it would be in the national interests of the United States to do so. That was the case in 1998 when sanctions were waived against foreign energy firms based in the European Union due to the EU's cooperation in fighting terrorism sponsored by Iran. In an effort to convince Iran to give up its nuclear program, Congress is trying to hammer out a final bill that would punish foreign companies that export gasoline and other petroleum products to Iran. Based on public reports, the GAO said the following 41 foreign firms had big business in Iran's oil, gas or petrochemical sectors:

*ABB Lummus no longer exists as a firm. ABB of Switzerland sold the Lummus Groupin 2007 to Chicago Bridge and Iron Company (CB&I) of the United States. ABB andCB&I told Reuters they no longer have commercial activity in Iran.(Reporting by Tom Doggett)